Whereas defined pursuant to Supreme Court Annotated Statute: Clearfield Trust Co. v. United States 318 U.S. 363-371 1942: “Governments descendto the level of amere private corporation, and take on the characteristics of a mere private citizen . . . where pnvate corporate commercial paper [Federal Reserve Notes] and securities [checks] is concerned . . . For purposes of suit, such cogorations and individuals are regarded as entities entirely separate from government.”
What the Clearfield Doctrine is saying is that when private commercial paper is used by corporate government, then government loses its sovereignty status and becomes no different than a mere private corporation.